October 24, 2002, 12:00 AM

Blue Nile’s revenues rise 78% to $15.4 million for the third quarter

Following its first quarter of net profits, Blue Nile projects full-year net profit on sales expected to rise 40% to $70 million for the year.

 

Online jeweler Blue Nile Inc., reported that revenues rose 78% to $15.4 million year over year for its third quarter ended Sept. 30. The company also reported its first quarterly net profit, though it did not disclose the amount, following three consecutive quarters of operating profits.

Blue Nile projects it will generate a net profit for the full year based on sales projected at $68 million to $70 million, a 40% increase in revenues from last year. “We’re thriving in one of the worst luxury retail environments for one reason: we are obsessed with providing the hands-down best jewelry shopping experience,” says CEO Mark Vadon.

Seattle-based Blue Nile attributes its growth to its philosophy of empowering consumers to control the jewelry shopping experience, offering full disclosure and education on the site. The company offers a selection of some 13,000 high-quality diamonds at prices up to 40% below retail. Of that number about 11,000 are dynamically searchable online by the consumer, based on individual criteria. The site also offers shoppers to design jewelry pieces with an online Build Your Own functionality that extends to diamond rings, earrings and pendants.

 

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